Give me some motivation! Feeling embarrassed and down about debt!

TheAble

lemondrops69 said:

comeandgo said:

TripleH said:

Congratulations,

To add: if people ask for ideas for presents, staircases are great (I bought my brother a couple) they may seem dull but you'll get more use out of them than a lot of the baby clothes  especially piece of mind

Can I ask where you buy staircases and to what use?  I have no idea what it is you are suggesting 

Someone bought me a staircase for my birthday, best present I've ever had! Makes getting upstairs so easy now and much safer

I'm confused. You need a staircase to get up your stairs? Aren't the stairs already the staircase?

leannes_3

New update!

it’s pay day so debt payment day! I get excited about doing this ha ha.

New debt standings: 

MBNA: £6728.00 (7% paid off since July 2021)

Capital One: £1916 (4% paid off since July 2021)

Creation Finance: £153 (65% paid off since July 2021)

Emergency Fund: £100

leannes_3

October update! Doing well so far!

New debt standings:

MBNA: £6581 (10% paid off since July 2021)

Capital One:  £1874 (6% gone since July 2021)

Creation Finance: £118 (73% paid since July 2021)

I’m proud so far! I’m excited to finally see the creation one cleared completely.

Emergency Fund: £200

The emergency fund isn’t great and id like to see that bigger. We may need to dip into that too as our dog has her spay next week, my partners just broken a tooth and the car has its MOT all in the next few weeks. hopefully we don’t need to dip into the emergency fund. But we shall see! 

EssexHebridean

Kakiste said:

In the tyre thing; I never buy new tyres for my car. I would be paying at least £95 new (for the most budget tyre) instead I buy part worn tyres from a local scrap yard (who fit them for me) for a grand total of £20 per tyre. 

No matter where you live, there will be somewhere selling part worn tyres near you. Its my top car owning tip.

I did this once….and ended up a shaking wreck on the side of the M25 having just had that tyre explode on me at 65mph. The problem with part worn tyres is you have NO idea of their history - often they have been removed from cars that have been in accidents, or have come off higher performance vehicles where all 4 need replacing together where one has an issue - that may have been owned by a boy racer type who thinks nothing of slamming the car over kerbs etc. Not all damage is visible - the damage to mine wasn’t for sure - but it did lead to 5 separate holes being blown in the side wall of that tyre. I was incredibly fortunate - that I wasn’t travelling any faster, that I knew what to do when it happened (and realised what HAD happened before it had a impact to the handling), and that I was in the first lane so was able to pull straight onto thr hard shoulder. It could have been SO much worse. Part worn tyres are a false economy - the potential cost is far, far higher than any monetary saving. If it suits you to take that risk, then fair play, but please think twice before suggesting to others thst it’s some kind of “no brainer” - my view would be that it is,but not in the way you might think… 😉

TheAble

EssexHebridean said:

Kakiste said:

In the tyre thing; I never buy new tyres for my car. I would be paying at least £95 new (for the most budget tyre) instead I buy part worn tyres from a local scrap yard (who fit them for me) for a grand total of £20 per tyre. 

No matter where you live, there will be somewhere selling part worn tyres near you. Its my top car owning tip.

I did this once….and ended up a shaking wreck on the side of the M25 having just had that tyre explode on me at 65mph. The problem with part worn tyres is you have NO idea of their history - often they have been removed from cars that have been in accidents, or have come off higher performance vehicles where all 4 need replacing together where one has an issue - that may have been owned by a boy racer type who thinks nothing of slamming the car over kerbs etc. Not all damage is visible - the damage to mine wasn’t for sure - but it did lead to 5 separate holes being blown in the side wall of that tyre. I was incredibly fortunate - that I wasn’t travelling any faster, that I knew what to do when it happened (and realised what HAD happened before it had a impact to the handling), and that I was in the first lane so was able to pull straight onto thr hard shoulder. It could have been SO much worse. Part worn tyres are a false economy - the potential cost is far, far higher than any monetary saving. If it suits you to take that risk, then fair play, but please think twice before suggesting to others thst it’s some kind of “no brainer” - my view would be that it is,but not in the way you might think… 😉

Wow, a cautionary tale. "No brainer" indeed..!

My car philosophy changed a few years ago. From going through much of my life trying to do it on the cheap with old clankers and unpredictable garage bills I started buying new and keeping them properly maintained. The second way may cost a little more but I'm assured of reliability and know how much to budget for the maintenance - I much prefer it.

EssexHebridean

I’m not going the buying new route any more - I have done, but with the cost of new these days and the comparative cost for 3 years or so old, I’m not willing to take the depreciation as it just feels like too much money down the drain. 😆 Current cars were bought at 3 (mine) - 5 (MrEH’s) years old but to replace very different vehicle strategies. My previous Clio was the last “bought brand new” vehicle - served me for 12 years and 151000 miles with rarely a whimper and was maintained fully throughout. When getting rid the dealership didn’t want to know and she ended up going to WBAC for a painful £275. MrEH has moved from an elderly (55 plate) Citroen C3 which we bought 7 years ago for £2k - that too passed 150,000 while in our ownership, and we got £250 part ex for it when we chopped it in - which was a surprise allowing for age/miles/condition. For the past three years we took the view that we would do essential maintenance/annual servicing but no “trimmings” as such - for that period it was always ticking towards the MOT test with too many advisories anyway, although ironically it never actually got there, sailing through the last one with nothing at all! The change only happened because of the new London ULEZ boundary which gave us no choice - we live outside but the car has to travel in for the commute. If it wasn’t for that we would have kept her longer. I’d be unwilling to go full bangernomics but the halfway house route we used with the C3 served us extremely well. Current cars will be kept for as long as possible - until they start giving us expensive problems or indeed until the government of the time decides to make our perfectly good vehicles unkeepable for whatever reason… 🙄 

we also budget a set amount monthly into a savings account which then covers tax, insurance, servicing, MoT tests, tyres, breakdown cover and just about all the peripherals. Any surplus which builds in there will go towards future new car purchases. 

enthusiasticsaver

I would also advise caution on buying worn tyres.  I have tended to go  for budget recently as the evidence suggested that there was not a massive difference in safety between top of the range tyres and the more affordable ones but I would never go for used tyres and always a reputable tyre shop.  

I am massively confused at people suggesting staircases for presents?? 

You are doing a brilliant job of paying down the debt and building the emergency savings fund.  It will be good to see Creation gone and you just down to the 2 debts. I sincerely hope you are feeling good with your progress. 

curlytop12

leannes_3 said:

October update! Doing well so far!

New debt standings:

MBNA: £6581 (10% paid off since July 2021)

Capital One:  £1874 (6% gone since July 2021)

Creation Finance: £118 (73% paid since July 2021)

I’m proud so far! I’m excited to finally see the creation one cleared completely.

Emergency Fund: £200

The emergency fund isn’t great and id like to see that bigger. We may need to dip into that too as our dog has her spay next week, my partners just broken a tooth and the car has its MOT all in the next few weeks. hopefully we don’t need to dip into the emergency fund. But we shall see! 

Enjoying your updates, well done so far, you are making an good life for your little family.

lellybun

Following this thread with interest and also because I need to know what a Staircase present is!! 

Baffled

Kat78MFW

I think "staircase" might be an autocorrect error for stairgate?

Well done on great progress on your debt clearing and your emergency fund building.